Maintaining High Customer Retention Rates

You have probably heard of the saying “Acquiring a new customer can cost five times more than retaining an existing customer.” As we venture further into the world of growth product management, we find ourselves in Chapter 10, a chapter that unveils the art of Maintaining High Customer Retention Rates.

In the ever-evolving marketplace, where innovation and competition are constant, customer retention stands as the linchpin of sustainable growth. It is not merely an option but a necessity in this landscape. Customer churn—the silent enemy—can deplete profits and stifle progress. This is where growth product managers step into the spotlight. They must embrace the significance of customer retention—not just to save customers but as a defense against the costly repercussions of churn.

In this chapter, we will explore the critical skills that growth product managers must cultivate to thrive in this arena...